FedEx founder and executive chairman Frederick Smith has died

FedEx Corp's founder and former CEO Frederick Smith, who started the global delivery conglomerate with more than a dozen planes in the 1970s, has died, the company's CEO Raj Subramaniam said in memo to staff posted on its website.

Born in 1944, Smith was most recently serving as the firm's executive chairman and focused on board governance, as well as issues of global importance, including sustainability, innovation and public policy, according to his profile on FedEx's website.

Smith stepped aside as FedEx's CEO in 2022 and was succeeded by Subramaniam, who was then the company's operations chief.

"Fred was more than just the pioneer of an industry and the founder of our great company. He was a mentor to many and a source of inspiration to all," Subramaniam said in the memo to staff.

Smith, who served as an officer in the U.S. Marine Corps in Vietnam, officially launched Federal Express in 1973 with 389 team members and 14 small planes that flew 186 packages from Memphis to 25 U.S. cities.

FedEx operations now include 705 aircraft, more than 200,000 vehicles and about 5,000 operating facilities, according to its website. More than 500,000 employees worldwide handle approximately 17 million shipments each day at FedEx.